End of fixed rate and renting out flat

flatforrent

I have a couple of questions to do with my mortgage. My partner has been offered a job abroad so we'd like to rent our flat out for a year.
If we do go abroad money is tight so we are trying to work out if we can afford it as rental prices in our area are considerably less than my current monthly mortgage payment.

I notice that my fixed rate mortgage comes to an end on 30/11/09. We borrowed £192,995 in Feb 08 and for 22 months we were to pay fixed rate at 5.59% which worked out at £1,243.97. When it comes to an end at end of November our mortgage will revert to 0.95% above barclays bank base rate which I think is currently 0.5%. I'm terrible at maths and how these things are calculated - can anyone tell me what our monthly repayment will be after November for as long as the base rate stays at 0.5%?

Secondly do we have to change to a buy-to-let mortgage when it's only for a year that we'd be away?

Any help gratefully received!

Cannon_Fodder

Assuming 23 years to go on your mortgage, 1.45% on £192,000 will be £823 a month.

You can try http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml with your exact figures...

Speak to your lender about letting them know it will be rented out. Each lender's policy will be slightly different, but there's a fair chance if you state an exact timeframe that it will not be viewed as true Buy-To-Let, if you have no other property.